Ticker	Volume	Price	Price Delta
DJIA	15,303.10	+8.60	0.06%
S&P 500	1,649.60	-0.91	-0.06%
Nasdaq	3,459.14	-0.27	-0.01%

Ticker

Volume

Price

Price Delta

DJIA

15,303.10

+8.60

0.06%

S&P 500

1,649.60

-0.91

-0.06%

Nasdaq

3,459.14

-0.27

-0.01%

Ticker	Volume	Price	Price Delta
STOXX 50	2,764.29	-12.49	-0.45%
FTSE 100	6,654.34	-42.45	-0.63%
DAX	8,305.32	-46.66	-0.56%

Ticker

Volume

Price

Price Delta

STOXX 50

2,764.29

-12.49

-0.45%

FTSE 100

6,654.34

-42.45

-0.63%

DAX

8,305.32

-46.66

-0.56%

Ticker	Volume	Price	Price Delta
Nikkei	14,612.50	+128.47	0.89%
Hang Seng	22,618.70	-51.01	-0.23%
S&P/ASX 200	4,983.50	-78.95	-1.56%

Ticker

Volume

Price

Price Delta

Nikkei

14,612.50

+128.47

0.89%

Hang Seng

22,618.70

-51.01

-0.23%

S&P/ASX 200

4,983.50

-78.95

-1.56%

Tiger Brands, Dangote Agree on Sale of 63.4% of Flour Mills

By Sikonathi Mantshantsha - 2012-07-04T17:11:58Z

Tiger Brands Ltd. (TBS), South Africa’s largest food company, said it reached agreement in principle to buy a 63.4 percent stake in Dangote Flour Mills Plc (DANGFLOU) of Nigeria from Dangote Industries Ltd.

The food producers have submitted the proposed deal to Nigeria’s Securities and Exchange Commission for approval, according to a joint statement to JSE Ltd., the operator of South Africa’s bourse, where Tiger Brands is listed.

Tiger, based in Johannesburg, will release full details after receiving the go-ahead from the SEC, the companies said.

Dangote Flour Mills is listed on the Nigerian Stock Exchange, with 73.4 percent of the stock held by Dangote Industries Ltd., according to data compiled by Bloomberg. Dangote Industries is closely held by Nigerian billionaire Aliko Dangote, who is also president of the West African nation’s Lagos-based bourse.

Tiger Brands wants to expand into Africa to increase revenue from its operations outside South Africa to 30 percent of total sales over the next five to 10 years as the home market slows, Chief Executive Officer Peter Matlare said on May 22.

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at sikonathim@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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